Hope turns to reality
THE concept of a Hope Island town centre precinct, all but laid to rest by the global financial crisis appears set to become a reality.
The concept – retail and office facilities bordered by medium density housing – was proposed by John Fish who, ahead of the crisis, controlled a significant swath of Hope Island waterfront land that included the Hope Island tavern, since sold.
Mr Fish’s $1 billion town centre plan included upmarket retail outlets, restaurants, private school, medical precinct and commercial space.
However, the land parcels came into the hands of financiers and receivers and, while development industry figures, including Lang Walker, showed interest in the core 2.5ha town centre site in the years since 2008, a deal failed to eventuate.
Receivers in August last year lodged a development application for a town centre project that would include two supermarkets. Word on the street is that Woolworths and Aldi stores will anchor the precinct, which is also to feature a small department store, food outlets and speciality retailers.
The proposed two-storey development, earmarked for 99 Broadwater Ave, has a gross floor area of 18,707sq m, including 9686sq m of retail space, and is expected to create more than 360 retail jobs.
In wake of the application, the 2.5ha site has a buyer.
The whisper is that a Chinese party has acquired the holding for $15 million in a deal that is due to settle soon.
News of the deal has been followed by the release for sale at the hands of receivers of a nearby 3.3ha holding that is earmarked for residential development.
The Marina Quays Blvd site, at one time the subject of a development application for a multi-building project with 1000 apartments, carries a medium-density residential zoning and has a 200m frontage to the Hope Island Canal.
It has been placed on the market by Ken Whittingham and David Webb, of PPB Advisory, as receivers to Fish Developers (Hope Island).
The property is being marketed by Darrell Irwin and Geoff Lamb, of Colliers International, in an offers to purchase campaign that closes on April 4.
Mr Irwin said sites on Hope Island are in short supply and the property has wide appeal due to its waterfront location; the bridge-free, deepwater access it provides to the Broadwater; and its medium-density residential zoning.
“While an application was lodged in the past for a multibuilding project with 1000 apartments, we believe the site will more likely be developed as an estate with between 150 and 200 homes,” he said.
“Hope Island has matured in recent years due to improved infrastructure and amenities, including a medical precinct, and recent development projects have been well received.
“Also, its two residential resorts, Sanctuary Cove and Hope Island Resort, are mature estates that are close to being built out.
“That reality has not been lost on developers who see it as fuelling demand for other Hope Island projects.”